81_FR_92231 81 FR 91988 - Proposed Collection; Comment Request

81 FR 91988 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 243 (December 19, 2016)

Page Range91988-91990
FR Document2016-30374

Federal Register, Volume 81 Issue 243 (Monday, December 19, 2016)
[Federal Register Volume 81, Number 243 (Monday, December 19, 2016)]
[Notices]
[Pages 91988-91990]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-30374]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736.

Extension:
    Rules 15Ba1-1 through 15Ba1-8, SEC File No. 270-619, OMB Control 
No. 3235-0681.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information provided for in Rules 15Ba1-1 to 15Ba1-8 (17 CFR 240.15Ba1-
1 to 17 CFR 240.15Ba1-8)--Registration of Municipal Advisors, under the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (the ``Act''). 
The Commission plans to submit this existing collection of information 
to the Office of Management and Budget for extension and approval.
    On September 20, 2013 (see 78 FR 67468, November 12, 2013), the 
Commission adopted Rules 15Ba1-1 through 15Ba1-8 and Rule 15Bc4-1 under 
the Act to establish the rules by which a municipal advisor must 
obtain, maintain, and terminate its registration with the Commission. 
In addition, the rules interpret the definition of the term ``municipal 
advisor,'' interpret the statutory exclusions from that definition, and 
provide certain additional regulatory exemptions. The rules became 
effective on January 13,

[[Page 91989]]

2014; however, on January 13, 2014, the Commission temporarily stayed 
such rules until July 1, 2014 (see 79 FR 2777, January 16, 2014). 
Section 15B(a)(1) of the Act makes it unlawful for a municipal advisor 
to provide advice to or on behalf of a municipal entity or obligated 
person with respect to municipal financial products or the issuance of 
municipal securities, or to undertake a solicitation of a municipal 
entity or obligated person, unless the municipal advisor is registered 
with the Commission. The rules, among other things (i) require 
municipal advisors to file certain forms (i.e., Form MA, Form MA-A, 
Form MA/A, Form MA-I, Form MA-I/A, Form MA-NR, and Form MA-W) with the 
Commission to, as appropriate, obtain, maintain, or terminate their 
registration with the Commission and maintain certain books and records 
in accordance with the Act, and (ii) set forth how certain entities may 
meet the requirements of the statutory exclusions or regulatory 
exemptions from the definition of ``municipal advisor.''

Form MA

    The Commission estimates that approximately 75 respondents will 
submit new Form MA applications annually in each of the next three 
years. The Commission further estimates that each submission will take 
approximately 3.5 hours. Thus, the total annual burden borne by 
respondents for submitting an initial Form MA application will be 
approximately 263 hours.\1\ The Commission estimates that respondents 
submitting new Form MA applications would, on average, consult with 
outside counsel for one hour, at a rate of $400/hour. Thus, the 
Commission estimates that the average total annual cost that may by 
incurred by all respondents filing new Form MA applications will be 
$30,000.\2\ In addition to filing initial Form MA applications, the 
rules require municipal advisors to amend Form MA once annually (Form 
MA-A) and after the occurrence of any material event (Form MA/A). The 
requirement to amend Form MA applies to all registered municipal 
advisors. There are currently approximately 668 municipal advisors 
registered with the Commission and, as noted above, the Commission 
anticipates receiving 225 new Form MA submissions over the next three 
years. Therefore, the Commission expects that the rules' requirement to 
amend Form MA will apply to approximately 743 municipal advisors in 
year one, approximately 818 municipal advisors in year two, and 
approximately 893 municipal advisors in year three. The Commission 
estimates that completing an annual amendment would take a municipal 
advisor approximately 1.5 hours and completing a material event 
amendment would take 0.5 hours. The Commission further estimates that 
each municipal advisor will submit two amendments per year (one Form 
MA-A and one Form MA/A). Thus, the Commission estimates that the 
average annual burden borne by respondents for amending Form MA during 
the three-year period will be approximately 1,636 hours.\3\
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    \1\ 75 respondents x 3.5 hours.
    \2\ 75 respondents x ($400/hour x 1 hour).
    \3\ 818 respondents x 2 hours.
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Form MA-I

    The Commission estimates that it will receive approximately 950 new 
Form MA-I submissions annually. The Commission further estimates that 
each Form MA-I submission will take approximately three hours to 
complete. Thus, the total annual burden borne by respondents submitting 
Form MA-I will be approximately 2,850 hours.\4\ The Commission also 
estimates that a Form MA-I respondent will submit 1.7 updating 
amendments per year (Form MA-I/A), and that each such amendment will 
take approximately 0.5 hours to complete. There are currently 
approximately 5,685 Form MA-Is on file with the Commission and, as 
noted above, the Commission expects to receive 2,850 Form MA-I 
submissions over the next three years. Therefore, the Commission 
expects the rules' requirement to amend Form MA-I to apply to 
approximately 6,635 Form MA-Is in year one, approximately 7,585 Form 
MA-Is in year two, and approximately 8,535 Form MA-Is in year three. 
Thus, the Commission estimates that the average annual burden borne by 
respondents submitting Form MA-I amendments during the three-year 
period will be approximately 6,447 hours.\5\
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    \4\ 950 submissions x 3 hours.
    \5\ 7,585 Form MA-I/As x (1.7 amendments x 0.5 hours).
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Form MA-W

    The Commission estimates that it will receive 40 new Form MA-W 
submissions annually. The Commission further estimates that each Form 
MA-W submission will take approximately 0.5 hours to complete. Thus, 
the total annual burden borne by respondents submitting Form MA-W will 
be approximately 20 hours.\6\
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    \6\ 40 respondents x 0.5 hours.
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Form MA-NR

    The Commission estimates that three municipal advisors will have a 
non-resident general partner, non-resident managing agent, or non-
resident associated person and such advisors will submit a total of 
approximately nine Form MA-NRs annually. The Commission further 
estimates that each Form MA-NR submission will take approximately 1.5 
hours to complete. Thus, the total annual burden borne by respondents 
submitting Form MA-NR will be approximately 13.5 hours.\7\ In addition, 
each respondent that submits a Form MA-NR must also provide an opinion 
of counsel. The Commission estimates that such an opinion of counsel 
would take three hours to complete, at a rate of $400/hour. Thus, the 
Commission estimates that the total annual burden borne by respondents 
providing an opinion of counsel will be approximately nine hours.\8\ 
The estimated average total cost that may be incurred by all 
respondents providing an opinion of counsel will be $3,600.\9\
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    \7\ 3 respondents x (3 Form MA-NR submissions x 1.5 hours).
    \8\ 3 respondents x 3 hours.
    \9\ 3 respondents x (3.0 hours x $400/hour).
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Consent to Service of Process

    The Commission estimates that 75 new municipal advisors will have 
to develop a template document to use in obtaining written consents to 
service of process from their associated persons annually. The 
Commission further estimates that each template document will take 
approximately one hour to draft. Thus, the Commission estimates that 
the total annual burden borne by respondents developing a template 
document will be approximately 75 hours.\10\ In addition, the 
Commission estimates that municipal advisors will need to obtain 950 
new consents to service of process from associated persons annually. 
The Commission further estimates that, after the written consents are 
drafted, it will take municipal advisors approximately 0.10 hours to 
obtain each consent. Thus, the Commission estimates that the total 
annual burden borne by respondents obtaining consents to service of 
process will be 170 hours.\11\
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    \10\ 75 respondents x 1 hour.
    \11\ 75 hours + (950 x 0.1 hours).
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Books and Records To Be Maintained by Municipal Advisors

    The Commission estimates 743, 818, and 893 municipal advisors will 
be subject to the books and records rules during each of the next three 
years, respectively. The Commission further

[[Page 91990]]

estimates that the average annual burden for a municipal advisor to 
comply with the books and records requirement is approximately 182 
hours. Thus, the Commission estimates that the average annual burden 
borne by respondents to comply with the books and records requirements 
during the three-year period will be approximately 148,876 hours.\12\
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    \12\ 818 respondents x 182 hours.
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Independent Registered Municipal Advisor Exemption

    The Commission estimates that approximately 150 persons will seek 
to rely on the independent registered municipal advisor exemption 
annually. The Commission further estimates that the one-time burden of 
developing a written template disclosure document will be approximately 
one hour. Thus, the Commission estimates that the total one-time burden 
borne by respondents developing a template disclosure document will be 
approximately 150 hours.\13\ The Commission also recognizes that 
respondents will be subject to a recurring burden each time they seek 
to rely on the exemption. The Commission estimates that respondents may 
seek the exemption on approximately 7,400 transactions annually. The 
Commission further estimates that the burden of obtaining the written 
representations needed from the municipal entity or obligated person 
client will be approximately 0.25 hours. Thus, the Commission estimates 
that the total annual burden borne by respondents seeking to rely on 
the independent registered municipal advisor exemption will be 
approximately 1,850 hours.\14\
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    \13\ 150 respondents x 1 hour.
    \14\ 7,400 transactions x 0.25 hours.
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Definition of Municipal Escrow Investments Exemption

    The Commission estimates that approximately 700 respondents will 
seek to rely on the municipal escrow investments exemption. The 
Commission further estimates that the one-time burden of creating a 
template document to use in obtaining the written representations 
necessary to rely on the exemption will be approximately one hour. 
Thus, the Commission estimates that the total one-time burden borne by 
respondents developing a template document will be approximately 700 
hours.\15\ The Commission also recognizes that respondents will be 
subject to a recurring burden each time they seek to rely on the 
exemption. The Commission estimates the respondents will seek to rely 
on the exemption with approximately 8,620 municipal entity clients. The 
Commission further estimates that the burden of obtaining the required 
written representations from the respondent's client will be 
approximately 0.25 hours. Thus, the Commission estimates that the total 
annual burden borne by respondents seeking to rely on the municipal 
escrow investments exemption will be approximately 2,155 hours.\16\
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    \15\ 700 respondents x 1 hour.
    \16\ 8,620 clients x 0.25 hours.
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Definition of Proceeds of Municipal Securities Exemption

    The Commission estimates that approximately 880 respondents will 
seek to rely on the proceeds of municipal securities exemption. The 
Commission further estimates that the one-time burden of creating a 
template document to use in obtaining the written representations 
necessary to rely on the exemption will be approximately one hour. 
Thus, the Commission estimates that the total one-time burden borne by 
respondents developing a template document will be approximately 880 
hours.\17\ The Commission also recognizes that respondents will be 
subject to a recurring burden each time they seek to rely on the 
exemption. The Commission estimates that respondents will seek to rely 
on the exemption in connection with services provided to approximately 
25,420 clients. The Commission further estimates that the burden of 
obtaining the required written consents from the respondent's client 
will be approximately 0.25 hours. Thus, the Commission estimates that 
the total annual burden borne by respondents seeking to rely on 
proceeds of municipal securities exemption will be approximately 6,355 
hours.\18\
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    \17\ 880 respondents x 1 hour.
    \18\ 25,420 clients x 0.25 hours.
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    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. 
Consideration will be given to comments and suggestions submitted in 
writing within 60 days of this publication.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number. Please direct your 
written comments to: Pamela C. Dyson, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 
F Street NE., Washington, DC 20549 or send an email to: 
[email protected].

    Dated: December 6, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-30374 Filed 12-16-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                91988                      Federal Register / Vol. 81, No. 243 / Monday, December 19, 2016 / Notices

                                                   Rule 17a–13, SEC File No. 270–27, OMB                counts and the broker-dealer’s records                technology. Consideration will be given
                                                     Control No. 3235–0035.                             alert the Commission and applicable                   to comments and suggestions submitted
                                                   Notice is hereby given that, pursuant                self-regulatory organizations (‘‘SROs’’)              in writing within 60 days of this
                                                to the Paperwork Reduction Act of 1995                  to those firms experiencing back-office               publication.
                                                (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the                 operational issues.                                     An agency may not conduct or
                                                Securities and Exchange Commission                         Currently, there are approximately                 sponsor, and a person is not required to
                                                (‘‘Commission’’) is soliciting comments                 4,067 broker-dealers registered with the              respond to, a collection of information
                                                on the collection of information                        Commission. However, given the                        under the PRA unless it displays a
                                                provided for in Rule 17a–13 (17 CFR                     variability in their businesses, it is                currently valid OMB control number.
                                                240.17a–13) under the Securities                        difficult to quantify how many hours                    Please direct your written comments
                                                Exchange Act of 1934 (15 U.S.C. 78 et                   per year each broker-dealer spends                    to: Pamela Dyson, Director/Chief
                                                seq.) (‘‘Exchange Act’’). The                           complying with Rule 17a–13. As noted,                 Information Officer, Securities and
                                                Commission plans to submit this                         Rule 17a–13 requires a respondent to                  Exchange Commission, c/o Remi Pavlik-
                                                existing collection of information to the               account for all securities in its                     Simon, 100 F Street NE., Washington,
                                                Office of Management and Budget                         possession or subject to its control or               DC 20549, or send an email to: PRA_
                                                (‘‘OMB’’) for extension and approval.                   direction. Many respondents hold few,                 Mailbox@sec.gov.
                                                   Rule 17a–13(b) (17 CFR 240.17a–                      if any, securities; while others hold
                                                                                                                                                                Dated: December 6, 2016.
                                                13(b)) generally requires that at least                 large quantities. Therefore, the time
                                                                                                                                                              Brent J. Fields,
                                                                                                        burden of complying with Rule 17a–13
                                                once each calendar quarter, all                                                                               Secretary.
                                                                                                        will depend on respondent-specific
                                                registered brokers-dealers physically                                                                         [FR Doc. 2016–30375 Filed 12–16–16; 8:45 am]
                                                                                                        factors, including a broker-dealer’s size,
                                                examine and count all securities held
                                                                                                        number of customers, and proprietary                  BILLING CODE 8011–01–P
                                                and account for all other securities not
                                                                                                        trading activity. The staff estimates that
                                                in their possession, but subject to the
                                                                                                        the average time spent per respondent is
                                                broker-dealer’s control or direction. Any                                                                     SECURITIES AND EXCHANGE
                                                                                                        100 hours per year on an ongoing basis
                                                discrepancies between the broker-                                                                             COMMISSION
                                                                                                        to maintain the records required under
                                                dealer’s securities count and the firm’s
                                                                                                        Rule 17a–13. This estimate takes into
                                                records must be noted and, within seven                                                                       Proposed Collection; Comment
                                                                                                        account the fact that more than half of
                                                days, the unaccounted for difference                    the 4,067 respondents—according to                    Request
                                                must be recorded in the firm’s records.                 financial reports filed with the
                                                Rule 17a–13(c) (17 CFR 240.17a–13(c))                                                                         Upon Written Request, Copies Available
                                                                                                        Commission—may spend little or no                      From: Securities and Exchange
                                                provides that under specified                           time complying with the rule, given that
                                                conditions, the count, examination, and                                                                        Commission, Office of FOIA Services,
                                                                                                        they do not do a public securities                     100 F Street NE., Washington, DC
                                                verification of the broker-dealer’s entire              business or do not hold inventories of
                                                list of securities may be conducted on                                                                         20549–2736.
                                                                                                        securities. For these reasons, the staff
                                                a cyclical basis rather than on a certain               estimates that the total compliance                   Extension:
                                                date. Although Rule 17a–13 does not                                                                             Rules 15Ba1–1 through 15Ba1–8, SEC File
                                                                                                        burden per year is 406,700 hours (4,067                   No. 270–619, OMB Control No. 3235–
                                                require broker-dealers to file a report                 respondents × 100 hours/respondent).
                                                with the Commission, discrepancies                                                                                0681.
                                                                                                           The records required to be made by
                                                between a broker-dealer’s records and                   Rule 17a–13 are available only to                        Notice is hereby given that pursuant
                                                the securities counts may be required to                Commission examination staff, state                   to the Paperwork Reduction Act of 1995
                                                be reported, for example, as a loss on                  securities authorities, and applicable                (44 U.S.C. 3501 et seq.), the Securities
                                                Form X–17a–5 (17 CFR 248.617), which                    SROs. Subject to the provisions of the                and Exchange Commission
                                                must be filed with the Commission                       Freedom of Information Act, 5 U.S.C.                  (‘‘Commission’’) is soliciting comments
                                                under Exchange Act Rule 17a–5 (17 CFR                   522, and the Commission’s rules                       on the collection of information
                                                240.17a–5). Rule 17a–13 exempts                         thereunder (17 CFR 200.80(b)(4)(iii)),                provided for in Rules 15Ba1–1 to
                                                broker-dealers that limit their business                the Commission does not generally                     15Ba1–8 (17 CFR 240.15Ba1–1 to 17
                                                to the sale and redemption of securities                publish or make available information                 CFR 240.15Ba1–8)—Registration of
                                                of registered investment companies and                  contained in any reports, summaries,                  Municipal Advisors, under the
                                                interests or participation in an                        analyses, letters, or memoranda arising               Securities Exchange Act of 1934 (15
                                                insurance company separate account                      out of, in anticipation of, or in                     U.S.C. 78a et seq.) (the ‘‘Act’’). The
                                                and those who solicit accounts for                      connection with an examination or                     Commission plans to submit this
                                                federally insured savings and loan                      inspection of the books and records of                existing collection of information to the
                                                associations, provided that such persons                any person or any other investigation.                Office of Management and Budget for
                                                promptly transmit all funds and                            Written comments are invited on: (a)               extension and approval.
                                                securities and hold no customer funds                   Whether the proposed collection of                       On September 20, 2013 (see 78 FR
                                                and securities. Rule 17a–13 also does                   information is necessary for the proper               67468, November 12, 2013), the
                                                not apply to certain broker-dealers                     performance of the functions of the                   Commission adopted Rules 15Ba1–1
                                                required to register only because they                  Commission, including whether the                     through 15Ba1–8 and Rule 15Bc4–1
                                                effect transactions in securities futures               information has practical utility; (b) the            under the Act to establish the rules by
                                                products.                                               accuracy of the Commission’s estimates                which a municipal advisor must obtain,
                                                   The information obtained from Rule                   of the burden of the proposed collection              maintain, and terminate its registration
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                                                17a–13 is used as an inventory control                  of information; (c) ways to enhance the               with the Commission. In addition, the
                                                device to monitor a broker-dealer’s                     quality, utility, and clarity of the                  rules interpret the definition of the term
                                                ability to account for all securities held              information collected; and (d) ways to                ‘‘municipal advisor,’’ interpret the
                                                in transfer, in transit, pledged, loaned,               minimize the burden of the collection of              statutory exclusions from that
                                                borrowed, deposited, or otherwise                       information on respondents, including                 definition, and provide certain
                                                subject to the firm’s control or direction.             through the use of automated collection               additional regulatory exemptions. The
                                                Discrepancies between the securities                    techniques or other forms of information              rules became effective on January 13,


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                                                                             Federal Register / Vol. 81, No. 243 / Monday, December 19, 2016 / Notices                                                 91989

                                                2014; however, on January 13, 2014, the                   advisors in year one, approximately 818               Form MA–NR
                                                Commission temporarily stayed such                        municipal advisors in year two, and                     The Commission estimates that three
                                                rules until July 1, 2014 (see 79 FR 2777,                 approximately 893 municipal advisors                  municipal advisors will have a non-
                                                January 16, 2014). Section 15B(a)(1) of                   in year three. The Commission estimates               resident general partner, non-resident
                                                the Act makes it unlawful for a                           that completing an annual amendment                   managing agent, or non-resident
                                                municipal advisor to provide advice to                    would take a municipal advisor                        associated person and such advisors
                                                or on behalf of a municipal entity or                     approximately 1.5 hours and completing                will submit a total of approximately
                                                obligated person with respect to                          a material event amendment would take                 nine Form MA–NRs annually. The
                                                municipal financial products or the                       0.5 hours. The Commission further                     Commission further estimates that each
                                                issuance of municipal securities, or to                   estimates that each municipal advisor                 Form MA–NR submission will take
                                                undertake a solicitation of a municipal                   will submit two amendments per year                   approximately 1.5 hours to complete.
                                                entity or obligated person, unless the                    (one Form MA–A and one Form MA/A).                    Thus, the total annual burden borne by
                                                municipal advisor is registered with the                  Thus, the Commission estimates that the               respondents submitting Form MA–NR
                                                Commission. The rules, among other                        average annual burden borne by                        will be approximately 13.5 hours.7 In
                                                things (i) require municipal advisors to                  respondents for amending Form MA                      addition, each respondent that submits
                                                file certain forms (i.e., Form MA, Form                   during the three-year period will be                  a Form MA–NR must also provide an
                                                MA–A, Form MA/A, Form MA–I, Form                          approximately 1,636 hours.3                           opinion of counsel. The Commission
                                                MA–I/A, Form MA–NR, and Form MA–                                                                                estimates that such an opinion of
                                                W) with the Commission to, as                             Form MA–I
                                                                                                                                                                counsel would take three hours to
                                                appropriate, obtain, maintain, or                                                                               complete, at a rate of $400/hour. Thus,
                                                                                                             The Commission estimates that it will
                                                terminate their registration with the                                                                           the Commission estimates that the total
                                                                                                          receive approximately 950 new Form
                                                Commission and maintain certain books
                                                                                                          MA–I submissions annually. The                        annual burden borne by respondents
                                                and records in accordance with the Act,
                                                                                                          Commission further estimates that each                providing an opinion of counsel will be
                                                and (ii) set forth how certain entities
                                                                                                          Form MA–I submission will take                        approximately nine hours.8 The
                                                may meet the requirements of the
                                                                                                          approximately three hours to complete.                estimated average total cost that may be
                                                statutory exclusions or regulatory
                                                                                                          Thus, the total annual burden borne by                incurred by all respondents providing
                                                exemptions from the definition of
                                                                                                          respondents submitting Form MA–I will                 an opinion of counsel will be $3,600.9
                                                ‘‘municipal advisor.’’
                                                                                                          be approximately 2,850 hours.4 The                    Consent to Service of Process
                                                Form MA                                                   Commission also estimates that a Form
                                                                                                          MA–I respondent will submit 1.7                         The Commission estimates that 75
                                                  The Commission estimates that
                                                                                                          updating amendments per year (Form                    new municipal advisors will have to
                                                approximately 75 respondents will
                                                                                                          MA–I/A), and that each such                           develop a template document to use in
                                                submit new Form MA applications
                                                                                                          amendment will take approximately 0.5                 obtaining written consents to service of
                                                annually in each of the next three years.
                                                The Commission further estimates that                     hours to complete. There are currently                process from their associated persons
                                                each submission will take                                 approximately 5,685 Form MA-Is on file                annually. The Commission further
                                                approximately 3.5 hours. Thus, the total                  with the Commission and, as noted                     estimates that each template document
                                                annual burden borne by respondents for                    above, the Commission expects to                      will take approximately one hour to
                                                submitting an initial Form MA                             receive 2,850 Form MA–I submissions                   draft. Thus, the Commission estimates
                                                application will be approximately 263                     over the next three years. Therefore, the             that the total annual burden borne by
                                                hours.1 The Commission estimates that                     Commission expects the rules’                         respondents developing a template
                                                respondents submitting new Form MA                        requirement to amend Form MA–I to                     document will be approximately 75
                                                applications would, on average, consult                   apply to approximately 6,635 Form MA-                 hours.10 In addition, the Commission
                                                with outside counsel for one hour, at a                   Is in year one, approximately 7,585                   estimates that municipal advisors will
                                                rate of $400/hour. Thus, the                              Form MA-Is in year two, and                           need to obtain 950 new consents to
                                                Commission estimates that the average                     approximately 8,535 Form MA-Is in                     service of process from associated
                                                total annual cost that may by incurred                    year three. Thus, the Commission                      persons annually. The Commission
                                                by all respondents filing new Form MA                     estimates that the average annual                     further estimates that, after the written
                                                applications will be $30,000.2 In                         burden borne by respondents submitting                consents are drafted, it will take
                                                addition to filing initial Form MA                        Form MA–I amendments during the                       municipal advisors approximately 0.10
                                                applications, the rules require                           three-year period will be approximately               hours to obtain each consent. Thus, the
                                                municipal advisors to amend Form MA                       6,447 hours.5                                         Commission estimates that the total
                                                once annually (Form MA–A) and after                                                                             annual burden borne by respondents
                                                                                                          Form MA–W                                             obtaining consents to service of process
                                                the occurrence of any material event
                                                (Form MA/A). The requirement to                                                                                 will be 170 hours.11
                                                                                                            The Commission estimates that it will
                                                amend Form MA applies to all                              receive 40 new Form MA–W                              Books and Records To Be Maintained
                                                registered municipal advisors. There are                  submissions annually. The Commission                  by Municipal Advisors
                                                currently approximately 668 municipal                     further estimates that each Form MA–W                   The Commission estimates 743, 818,
                                                advisors registered with the                              submission will take approximately 0.5                and 893 municipal advisors will be
                                                Commission and, as noted above, the                       hours to complete. Thus, the total                    subject to the books and records rules
                                                Commission anticipates receiving 225                      annual burden borne by respondents                    during each of the next three years,
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                                                new Form MA submissions over the                          submitting Form MA–W will be                          respectively. The Commission further
                                                next three years. Therefore, the                          approximately 20 hours.6
                                                Commission expects that the rules’                                                                                7 3 respondents × (3 Form MA–NR submissions ×
                                                requirement to amend Form MA will                           3 818 respondents × 2 hours.                        1.5 hours).
                                                apply to approximately 743 municipal                        4 950 submissions × 3 hours.                          8 3 respondents × 3 hours.

                                                                                                            5 7,585 Form MA–I/As × (1.7 amendments × 0.5          9 3 respondents × (3.0 hours × $400/hour).
                                                  1 75   respondents × 3.5 hours.                         hours).                                                 10 75 respondents × 1 hour.
                                                  2 75   respondents × ($400/hour × 1 hour).                6 40 respondents × 0.5 hours.                         11 75 hours + (950 × 0.1 hours).




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                                                91990                       Federal Register / Vol. 81, No. 243 / Monday, December 19, 2016 / Notices

                                                estimates that the average annual                         estimates the respondents will seek to                writing within 60 days of this
                                                burden for a municipal advisor to                         rely on the exemption with                            publication.
                                                comply with the books and records                         approximately 8,620 municipal entity                    An agency may not conduct or
                                                requirement is approximately 182                          clients. The Commission further                       sponsor, and a person is not required to
                                                hours. Thus, the Commission estimates                     estimates that the burden of obtaining                respond to, a collection of information
                                                that the average annual burden borne by                   the required written representations                  under the PRA unless it displays a
                                                respondents to comply with the books                      from the respondent’s client will be                  currently valid OMB control number.
                                                and records requirements during the                       approximately 0.25 hours. Thus, the                   Please direct your written comments to:
                                                three-year period will be approximately                   Commission estimates that the total                   Pamela C. Dyson, Director/Chief
                                                148,876 hours.12                                          annual burden borne by respondents                    Information Officer, Securities and
                                                                                                          seeking to rely on the municipal escrow               Exchange Commission, c/o Remi Pavlik-
                                                Independent Registered Municipal                                                                                Simon, 100 F Street NE., Washington,
                                                                                                          investments exemption will be
                                                Advisor Exemption                                                                                               DC 20549 or send an email to: PRA_
                                                                                                          approximately 2,155 hours.16
                                                  The Commission estimates that                                                                                 Mailbox@sec.gov.
                                                approximately 150 persons will seek to                    Definition of Proceeds of Municipal
                                                                                                          Securities Exemption                                    Dated: December 6, 2016.
                                                rely on the independent registered                                                                              Brent J. Fields,
                                                municipal advisor exemption annually.                       The Commission estimates that
                                                                                                                                                                Secretary.
                                                The Commission further estimates that                     approximately 880 respondents will
                                                                                                          seek to rely on the proceeds of                       [FR Doc. 2016–30374 Filed 12–16–16; 8:45 am]
                                                the one-time burden of developing a
                                                written template disclosure document                      municipal securities exemption. The                   BILLING CODE 8011–01–P

                                                will be approximately one hour. Thus,                     Commission further estimates that the
                                                the Commission estimates that the total                   one-time burden of creating a template
                                                                                                          document to use in obtaining the                      SECURITIES AND EXCHANGE
                                                one-time burden borne by respondents
                                                                                                          written representations necessary to rely             COMMISSION
                                                developing a template disclosure
                                                document will be approximately 150                        on the exemption will be approximately                [Release No. 34–79533; File No. SR-
                                                hours.13 The Commission also                              one hour. Thus, the Commission                        BatsBZX–2016–82]
                                                recognizes that respondents will be                       estimates that the total one-time burden
                                                subject to a recurring burden each time                   borne by respondents developing a                     Self-Regulatory Organizations; Bats
                                                they seek to rely on the exemption. The                   template document will be                             BZX Exchange, Inc.; Notice of Filing
                                                Commission estimates that respondents                     approximately 880 hours.17 The                        and Immediate Effectiveness of a
                                                                                                          Commission also recognizes that                       Proposed Rule Change to Amend
                                                may seek the exemption on
                                                                                                          respondents will be subject to a                      Exchange Rule 11.27(b) Regarding the
                                                approximately 7,400 transactions
                                                                                                          recurring burden each time they seek to               Data Collection Requirements of the
                                                annually. The Commission further
                                                                                                          rely on the exemption. The Commission                 Regulation NMS Plan to Implement a
                                                estimates that the burden of obtaining
                                                                                                          estimates that respondents will seek to               Tick Size Pilot Program
                                                the written representations needed from
                                                the municipal entity or obligated person                  rely on the exemption in connection                   December 13, 2016
                                                client will be approximately 0.25 hours.                  with services provided to approximately                  Pursuant to Section 19(b)(1) of the
                                                Thus, the Commission estimates that the                   25,420 clients. The Commission further                Securities Exchange Act of 1934 (the
                                                total annual burden borne by                              estimates that the burden of obtaining                ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                respondents seeking to rely on the                        the required written consents from the                notice is hereby given that on November
                                                independent registered municipal                          respondent’s client will be                           30, 2016, Bats BZX Exchange, Inc. (the
                                                advisor exemption will be                                 approximately 0.25 hours. Thus, the                   ‘‘Exchange’’ or ‘‘BZX’’) filed with the
                                                approximately 1,850 hours.14                              Commission estimates that the total                   Securities and Exchange Commission
                                                                                                          annual burden borne by respondents                    (‘‘Commission’’) the proposed rule
                                                Definition of Municipal Escrow                            seeking to rely on proceeds of municipal              change as described in Items I and II
                                                Investments Exemption                                     securities exemption will be                          below, which Items have been prepared
                                                  The Commission estimates that                           approximately 6,355 hours.18                          by the Exchange. The Exchange has
                                                approximately 700 respondents will                          Written comments are invited on: (a)                designated this proposal as a ‘‘non-
                                                seek to rely on the municipal escrow                      Whether the proposed collection of                    controversial’’ proposed rule change
                                                investments exemption. The                                information is necessary for the proper               pursuant to Section 19(b)(3)(A) of the
                                                Commission further estimates that the                     performance of the functions of the                   Act 3 and Rule 19b–4(f)(6)(iii)
                                                one-time burden of creating a template                    Commission, including whether the                     thereunder,4 which renders it effective
                                                document to use in obtaining the                          information shall have practical utility;             upon filing with the Commission. The
                                                written representations necessary to rely                 (b) the accuracy of the Commission’s                  Commission is publishing this notice to
                                                on the exemption will be approximately                    estimates of the burden of the proposed               solicit comments on the proposed rule
                                                one hour. Thus, the Commission                            collection of information; (c) ways to                change from interested persons.
                                                estimates that the total one-time burden                  enhance the quality, utility, and clarity
                                                borne by respondents developing a                         of the information to be collected; and               I. Self-Regulatory Organization’s
                                                template document will be                                 (d) ways to minimize the burden of the                Statement of the Terms of Substance of
                                                approximately 700 hours.15 The                            collection of information on                          the Proposed Rule Change
                                                Commission also recognizes that                           respondents, including through the use                   The Exchange filed a proposal to
sradovich on DSK3GMQ082PROD with NOTICES




                                                respondents will be subject to a                          of automated collection techniques or                 amend Exchange Rule 11.27(b)
                                                recurring burden each time they seek to                   other forms of information technology.                regarding the data collection
                                                rely on the exemption. The Commission                     Consideration will be given to                        requirements of the Regulation NMS
                                                                                                          comments and suggestions submitted in
                                                  12 818 respondents × 182 hours.                                                                                 1 15 U.S.C. 78s(b)(1).
                                                  13 150 respondents × 1 hour.                              16 8,620 clients × 0.25 hours.                        2 17 CFR 240.19b–4.
                                                  14 7,400 transactions × 0.25 hours.                       17 880 respondents × 1 hour.                          3 15 U.S.C. 78s(b)(3)(A).
                                                  15 700 respondents × 1 hour.                              18 25,420 clients × 0.25 hours.                       4 17 CFR 240.19b–4(f)(6)(iii).




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Document Created: 2016-12-17 03:15:32
Document Modified: 2016-12-17 03:15:32
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 91988 

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